3M Co. finance chief leaves to join ADM

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3M Co. Chief Financial Officer Monish Patolawala is stepping down to take the same role at another company, further shaking up the industrial product maker’s leadership after a CEO change earlier this year.

Monish Patolawala

Patolawala will remain through the end of the month with Mapelwood-based 3M, which has initiated a succession process to identify a replacement, the company said Wednesday in a statement. The executive will join agriculture supply company Archer-Daniels-Midland Co. as CFO on Aug. 1, according to a separate statement.

The move comes shortly after aerospace veteran Bill Brown took the helm as 3M’s chief executive officer. Patolawala was in the finance role for four years and helped guide the company through the spinoff of its health care business, Solventum Corp., and multiple billion-dollar settlements over the company’s role in contaminated drinking water.

“New external hire CEOs typically like to hand-pick their own CFOs at least three-quarters of the time, so this announcement is consistent with the practice where Bill Brown can select his own finance executive,” Deane Dray, an analyst with RBC Capital Markets, said in a note. “This ‘brain drain’ of losing high-caliber employees in the running for top management positions is a relatively common outcome.”

Shares in 3M closed up 2% Wednesday, at $101.67. ADM shares rose 1.7% at 64.23.

For ADM, Patolawala’s appointment brings to an end a six-month period of interim leadership in the finance department. Former CFO Vikram Luthar was placed on administrative leave in January and had agreed to resign effective Sept. 30 amid an accounting investigation that sent the company’s shares plunging.

In March, ADM disclosed a $137 million impairment charge related to its animal nutrition business after an internal probe, bringing relief to investors that feared the fallout would be worse. The company is still under investigation by the US Securities and Exchange Commission and the Department of Justice.

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Single tickets now on sale for 2024-2025 seasons at History Theatre and Children’s Theatre Company

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Single tickets for the 2024-2025 seasons at St. Paul’s History Theatre and Children’s Theatre Company in Minneapolis are now on sale.

History Theatre

History Theatre tickets are available by calling 651-292-4323 or via historytheatre.com. The season includes:

“Behind the Sun” (Sept. 21-Oct. 13): A Black man in Minneapolis finds the home of his dreams, but it’s 1956 and it lies inside a redlined district in an all-white neighborhood. $64-$25.

“I Am Betty” (Nov. 23-Dec. 29): A second run of the popular musical about the fictional character of Betty Crocker. $82-$30.

“The Root Beer Lady” (Jan. 25-Feb. 23): A one-woman show about Dorothy Molter, the last legal non-Indigenous resident of the Boundary Waters. $69-$25.

“Secret Warriors” (March 29-April 19): The tale of two Japanese Americans who served as translators and interrogators for the U.S. Armed Forces during World War II. $64-$25.

“Whoa Nellie: The Outlaw King of the Wild Middle West” (May 17-June 8): Josef Evans’ musical follows a fake detective whose countless criminal exploits and penchant for male attire made her a Minnesota media sensation. $64-$25.

Children’s Theatre Company

Tickets for the Children’s Theatre Company are available by phone at 612-874-0400 and online at childrenstheatre.org. The season includes:

“Moya” (Sept. 12-Oct. 20): A circus show from South African troupe Zip Zap Circus. $68-$15.

“Drawing Lessons” (Oct. 8-Nov. 10): This world premiere follows a Korean-American manhwa graphic novelist striving to find her true artistic voice. $58-$15.

“Dr. Seuss’s How the Grinch Stole Christmas!” (Nov. 5-Jan. 5): This year, the CTC classic is directed by Dean Holt, who was a cast member in the show the first time the company staged it 30 years ago. $88-$15.

“Leonardo! A Wonderful Show About a Terrible Monster” (Jan. 8-March 9): A musical puppet show, making its Minnesota debut here, that’s based on books by author Mo Willems. $58-$15.

“Milo Imagines the World” (Feb. 4-March 9): A CTC joint-commissioned new musical based on the book by Matt de la Peña and Christian Robinson. $68-$15.

“Disney’s Frozen” (April 15-June 15): An original production of the hit Broadway musical. $78-$15.

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Timberwolves promote Matt Lloyd to general manager

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An integral part of the Timberwolves front office received a major promotion Wednesday. After two seasons as Minnesota’s vice president of basketball operations, Matt Lloyd was elevated to the team’s general manager.

Lloyd is now No. 2 in the Wolves’ chain of command, behind only basketball boss Tim Connelly.

“We are thrilled for Matt and his well-earned promotion,” Connelly said in a statement. “He’s a wonderful teammate whose tireless work ethic and positivity have made a huge impact on our organization.”

Lloyd, who got his start in basketball in public relations, is a major player in Minnesota’s NBA Draft scouting process.

He was a finalist to lead Charlotte’s front office in the spring and figures to be a candidate for other such jobs in the coming year or two. Lloyd is also a potential succession plan for Minnesota should Connelly exercise his opt-out at the end of next season.

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A new multi-sport turf field opens at Jimmy Lee/Oxford Community Center in St. Paul

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A new turf field opened Wednesday at the Jimmy Lee/Oxford Community Center in St. Paul. A ribbon cutting featured St. Paul Mayor Melvin Carter and other city officials in attendance.

The 112,000-square-foot field — which cost $615,000 — will be able to host a variety of sports including football, soccer, baseball, little league and softball.

The turf field was funded through the city’s one percent sales tax approved by voters last November to rebuild roads and fund parks projects. The sales tax has been dubbed “Common Cent” by city officials.

“We passed the ‘Common Cent’ and immediately put the funds to use fixing our roads and parks,” said Carter in a statement. “The new turf at Jimmy Lee Recreation Center represents an important milestone, kicking off two decades of generational investments.”

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